Forensic Analysis · Communication Services / Telecom · as of Jul 2, 2026
Crexendo, Inc. (CXDO)
A forensic read on Crexendo, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.3
Altman Z-score
Clean
Earnings quality
6
Forensic signals
54.0
P / E (ttm)
7.0%
ROE
$260M
Market cap
0.63%
Dividend yield
Crexendo, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 4.3, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+20.6%Accruals ratio.Net operating assets grew +20.6% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory (up +16% on the year) and receivables (up +13% on the year). The cash-flow cross-check agrees: reported earnings ran behind operating cash by -7% of net operating assets.
+12.6%/yrShare-count dilution.Diluted share count changed +38% over the last 3 years to FY2025 (+12.6%/yr). The count is GROWING — existing holders are being diluted. That's ~12.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~38%.
4% of revStock-based comp load.Stock-based compensation ran 4% of revenue and 32% of free cash flow in FY2025 — about $0.09 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder returns — halted.Capital returns have STOPPED — $130,000 of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash; understand why before reading it as neutral.
suspendedDividend — suspended.The dividend has been SUSPENDED — $130,000 paid in FY2023, then $0 in FY2024. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
37d
Key fundamentals
Net Margin7.4%
Debt / Equity0.00x
Free Cash Flow$9.3M
Latest Revenue$68.2M
Return on Equity7.9%
Revenue Growth YoY+12.0%
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🔒Calibrated 12-month price forecast, with the math shown
Data from SEC EDGAR public filings · metrics as of Jul 2, 2026. Forensic signals flag probability, not certainty.
Inventory days.
Days inventory outstanding moved from 32 to 37 FY2019→FY2020 (against cost of goods sold; inventory +32% vs +14% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
Crexendo, Inc. (CXDO) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy